Bitcoin Startups May Get Transitional Licence

Supernintendo Benjamin Lawsky, speaking at the Money 20/20 conference in Las Vegas, stated that the New York Department of Financial Services is floating the idea of a transitional licence.

"There has to be a way for startups to start up and play by the rules without getting crushed by huge compliance costs. To that point, we are considering creating a special type of transitional BitLicense."

During his speech and Q&A session, Lawsky is quoted as saying:

"The more we study it the more we understand how very very powerful it can be."

When questioned on remittances:

"Virtual currencies hold a real promise to bring (those costs) down."

"We aren't so dogmatic that we aren't willing to make changes."

"We don't pretend to have a monopoly on the truth."

When asked if his view on Bitcoin has changed:

"My view is constantly evolving."

"As bitcoins involves money transmission, we had an obligation to do something."

"Terrorism doesn't thrive unless there's an ability to move massive amounts of money."

As there is no live audio/video stream of the conference, users at home can follow along with the #money2020 hashtag via twitter.

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